Iran Calls IEA's Price Intervention Policy as 'Failure'

TEHRAN (FNA)- Iran's envoy to the Organization of Petroleum Exporting Countries (OPEC) Mohammad Ali Khatibi said that the previous decision by the International Energy Agency (IEA) to release a part of its oil stockpiles failed to produce results.
Speaking to Dow Jones on Tuesday, Iran's OPEC Governor stressed that the decision by the International Energy Agency not to renew a move to release stockpiles is evidence its price-intervention didn't succeed.

He said a June decision by the IEA to draw 60 million barrels from its inventories "was for (oil) price adjustment. They didn't succeed."

The consumer watchdog says the June move was intended to plug the gap left by a Libyan exports shutdown but critics say it was aimed at dampening buoyant prices.

Khatibi, whose country holds the OPEC presidency, said the IEA "used the experience" by deciding against a new release last week.

In June, Iran had blasted the decision by the IEA to release a part of its oil stocks as politically-motivated, underlining that the move cannot affect the market in the long run.